St. Petersburg Luxury Multifamily Project Lands $51M Financing

Phillips Development & Realty broke ground on the second phase of its 9-acre mixed-use development in the Skyway Marina District.
Image via Pixabay.com
Image via Pixabay.com

Phillips Development & Realty has received $50.8 million in financing for the construction of Sur Club Apartments, a 296-unit luxury community underway in St. Petersburg, Fla. The developer obtained the HUD Section 221(d)(4) loan through Love Funding Corp. With Capstone Building Corp. as general contractor, the $65 million project is slated for completion in the last quarter of 2021.

The 327,856-square-foot community is the second phase of The Sur Club, a 9-acre mixed-use development in Skyway Marina District. PDR delivered Phase 1, the 100,000-square-foot CubeSmart self-storage building, in the fall of 2018. Phase 3 will consist of two restaurants on the west side of the projects. Aside from the multifamily component, Phase 2 will also include a five-level parking garage near Interstate 275.

Located at 3000 34th St. S, the development site is roughly 4 miles southwest of the city center and 6.2 miles east of St. Pete Beach. The property is across the road from 34th Street Crossing Shopping Center, but also near Ceridian, one of the largest employers in St. Petersburg. The future Sur Club Apartments will be approximately 10 miles southeast of the 330-unit garden-style community that, in September, traded for the highest price ever paid in Central Florida.

When completed, Sur Club Apartments will feature one, two, and three-bedroom floorplans. Community amenities will include a clubhouse with a separate fitness center, business centers, media rooms, four elevators and two resort-style pools.